MBA: Refinance once again drives mortgage applications

Mortgage Refinance Costs When you refinance your mortgage, you usually pay off your original mortgage and sign a new loan. With a new loan, you again pay most of the same costs you paid to get your original mortgage. Analyze Your Savings Check the market closely to determine the available rates and the costs associated with refinancing.

Rates dropped across all loan types, and the 30-year fixed-rate mortgage is now more than 70 basis points below last November’s peak. The average loan size increased once again to new highs for both purchase and refinance loans, as borrowers with-or seeking-larger loans tend to be more reactive to the drop in rates."

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"The average loan size increased once again to new highs for both purchase and refinance loans, as borrowers with – or seeking – larger loans tend to be more reactive to the drop in rates." The refinance share of mortgage activity increased to 40.4% of total applications, up from 39.2% the previous week.

"Mortgage rates declined once again, as concerns about the slowing global economy and status of Brexit continued to drive investors’ demand for U.S. Treasuries, ultimately pushing yields lower," says Joel Kan, associate vice president of economic and industry forecasting for the MBA, in a statement.

Mortgage application volume jumped 8.9 percent. below last November’s peak," said Joel Kan, an MBA economist. "The average loan size increased once again to new highs for both purchase and.

Rates have gone up, refi volumes are dropping, and LOs are having plenty of discussions with potential borrowers about “rent vs. buy.” SmartAsset has now set up an interactive map that shows.

US MBA mortgage applications w.e. 29 March +18.6% vs +8.9% prior. Refinancing index 1,786.0 vs 1,289.5 prior. A big spike in mortgage activity once again and this comes after the long-term.

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